Jones Lang LaSalle Incorporated and The Procter & Gamble Company today finalized a 5-year agreement for one of the most geographically diverse assignments to outsource corporate facilities management and project management services.

Already the world&acute;s largest provider of property management services and a leader in business process outsourcing, Jones Lang LaSalle will now manage all P&G-owned and leased corporate real estate - a total of nearly 13.8 million square feet (1.28 million square meters) of offices and technical facilities located in 60 countries on six continents. Consistent with P&G&acute;s continuing efforts to focus on its core consumer products business, Jones Lang LaSalle will provide a comprehensive range of property management and strategic occupancy planning services as well as transition nearly 600 employees by January 2004.

The transition process will begin in the United States, where employees and properties located in 20 states and 35 cities will be under management by Jones Lang LaSalle by September 1. The business and employee transition for other countries will occur between November 2003 and January 2004, subject to appropriate government and regulatory approvals. The first transitions to occur in November include properties located in South America, Australia, Canada, Japan, Malaysia, Philippines, Singapore, Thailand and parts of Europe. The transition is scheduled to be complete by January 2004 in the remaining European countries and in Africa, China, India, Indonesia, Hong Kong, Korea, Taiwan and Vietnam. A complete list of locations is attached at the end of the release.

'One of the key factors in choosing Jones Lang LaSalle was the cultural similarities our companies share,' said Filippo Passerini, Global Business Services Officer for Procter & Gamble. 'Our common values and deep commitment to customers will make Jones Lang LaSalle a great home for our facilities management employees.'

'Jones Lang LaSalle&acute;s global platform forms the foundation of our partnership with Procter & Gamble,' said Christopher A. Peacock, President and Chief Executive Officer of Jones Lang LaSalle. 'But success will be borne out of the collaboration of these two firms as we build the next generation of outsourcing - a true model for the future in which both companies work together to achieve common goals.'

Jones Lang LaSalle will be responsible for managing operating expenses associated with day-to-day management of the buildings. These expenses, estimated at $700 million over five years, include expenditures for staffing, maintenance and repairs, and office and employee convenience services.

'Our focus is on aligning with P&G&acute;s goals to reduce costs and provide real estate-oriented growth opportunities for transitioned employees,' said John R. Phillips, Chief Executive Officer, Corporate Solutions, Jones Lang LaSalle. 'We know we can deliver because our performance management systems will enable us to achieve operational efficiencies and cost reductions. Furthermore, our track record has shown that employees will have greater opportunity for career growth within our real estate organization, which is important both to P&G and to Jones Lang LaSalle.'